Goldman Sachs CEO Lloyd Blankfein to Retire by 2019

Goldman Sachs CEO Lloyd Blankfein

What if Goldman Sachs were run by an global DJ?

Blankfein is one of Wall Street's highest paid CEOs.

Blankfein has led the bank for 12 years and steered it through the 2008 financial crisis.

Schwartz ran trading at Goldman before becoming CFO, and Solomon ran the investment banking business and is known as a strong manager. Shares were mostly unchanged from their prices prior to the news.

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For a replacement, the bank is reportedly considering Goldman's two co-presidents, Harvey Schwartz and David Solomon.

Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career.

Gary Cohn, who previously was Goldman's chief operating officer, left past year to become chief economic adviser to President Trump. He rose through the ranks and eventually got the top job when Hank Paulson left to become treasury secretary under President George W. Bush in 2006.

Blankfein survived a run-in with cancer after being diagnosed with lymphoma in 2015. "Lloyd Blankfein's exit represents the beginning of a shift away from trading, towards a more balanced revenue mix centered on clients and relationships". The company has not revealed the official date of when Blankfein is set to retire and he could stay with the company into next year and possibly beyond, according to sources familiar with the matter.

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